- Tom Brady and Gisele Bündchen’s advisors “noticed what they believed had been legit financials” after they invested in FTX, per the Monetary Occasions.
- The then-couple owned 1.8 million shares in FTX between them, chapter filings present.
- However they misplaced tens of millions of {dollars} when Sam Bankman-Fried’s crypto empire collapsed in November.
Advisors to Tom Brady and Gisele Bündchen weren’t capable of spot any points with FTX’s underlying financials earlier than the movie star couple piled money into the now-bankrupt crypto change, the Monetary Occasions has reported.
The then-couple spent over $84 million shopping for 1.8 million shares in Sam Bankman-Fried’s crypto empire after their staff discovered no points with its monetary documentation, in keeping with the report Tuesday.
Brady and Bündchen’s staff had been extraordinarily diligent and “noticed what they believed had been legit financials,” an unidentified former FTX worker advised the FT.
“Folks needed shares. There was some FOMO, however individuals at all times noticed financials,” the supply stated.
FTX filed for chapter in November after CoinDesk reported that its sister buying and selling agency Alameda Analysis held most of its portfolio within the change’s native FTT token.
Rival agency Binance responded by promoting all of its FTT holdings, triggering a solvency disaster that finally compelled FTX to file for chapter.
The next month, founder Bankman-Fried was arrested within the Bahamas and extradited to the US. Prosecutors say that he knowingly used no less than $4 billion of FTX prospects’ funds to prop up Alameda’s stability sheet.
Homeowners of FTX shares, together with NFL star Brady and worldwide supermodel Bündchen, misplaced all their funding as a result of chapter proceedings. That led to potential main losses for each NFL star Brady and worldwide supermodel Bündchen.
The previous couple, who divorced in October after 13 years of marriage, each promoted the crypto group.
Brady owned 1.1 million shares in his personal identify and was a high-profile model ambassador, even showing in three commercials for FTX.
Bündchen held one other 700,000 shares, appeared in a type of advertisements, and promoted the change in an April 2022 version of Vogue the place she mentioned “Crypto, Collaboration, And Serving to FTX Donate Billions”.
The true extent of the couple’s losses is unknown as a result of FTX was a non-public firm, however Forbes beforehand estimated that Brady’s stake was price as a lot as $45 million.
Learn extra: FTX chapter paperwork present record of buyers set to be utterly worn out, together with Tom Brady and Robert Kraft
